Is it neccessary  for a business to use the same method of computing depriciation  for all classes of its depriciable assets?

Q: Itemized Deductions can be classified as:     a. Expenses that are purely personal in nature or…

A: Deduction can be defined as claims which lower a person or organisation’s liability by lowering…

Q: Recognition of sales of property at a gain may be disallowed under the related party rules of the…

A: We would answer  this question as per the Internal Revenue Code (IRC)

Q: Is it permissible to record additional depreciation on the assets, if they are still useful to the…

A: If the assets are still useful to the business then the organisation need to record the Asset and…

Q: What is the net effect of the foreclosing entries on the balance of the owner's capital account?

A: Owner’s capital account is the one that shows the net amount that the owner has invested in the…

Q: Why should corporations have their real estate appraised on a regular basis?

A: Real estate is the property with the developments such as land and building, and the natural…

Q: Define each of the following terms: j. Improper accumulation; S corporation

A: Answer: Improper accumulation is the process of retaining company’s earnings to enable its…

Q: The faster an asset can be depreciated, according to IRS rules, the greater a company's after-tax…

A: Depreciation is a process in which, when a business buys or develops an asset, the tax treatment for…

Q: It is legal and ethical to use one method of deprecia method on the company's financial statements.

A: True, it is legal and ethical to use one method of depreciation for taxes and another method on the…

Q: Which of the following is not a net asset category reported by not-for -profit entities? A.…

A: A. Unrestricted net assetsThe assets in this class have no donor-imposed restrictions, meaning that…

Q: The crucial reason for determining whether an item is deductible as an ex­pense under § 162 or under…

A: The internal Revenue Code § 212 (26 U.S.C. § 212) gives a deduction, for U.S. government annual duty…

Q: When a taxpayer sells an asset, what is the difference between realized and regonized gain or loss…

A: Difference between complete and recognized gains and losses   Realized gains or losses for the…

Q: Which of the following is not considered in the determination of Total Assets after business…

A: In business combination , following are considered for determination of total assets : 1. Fair…

Q: TRUE OR FALSE If an intangible asset is successfully defended from a legal challenge, the incurred…

A: The term "intangible assets" refers to assets without a physical form. Businesses that have made…

Q: (1) An intangible asset is acquired in connection with a business acquisition O A. Intangible assets…

A: Intangible Assets The examples for the intangible assets are goodwill, copyright, patent, francize,…

Q: Explain the difference between the legal powers and responsibilities of a reciever and liquidator

A: Receiver is the person who has a duty of manage the assets of a company during a law suit, whereas,…

Q: Which of the following items is not charged against the income of an estate? a. Ordinary repairs…

A: Lets understand the basics. As per basics accounting rules, expense should be charged against the…

Q: What is the difference between a ‘net capital gain’ and a ‘capital gain, and between a ‘net capital…

A: The question is related to Capital Gain head. Capital gain means any profit or gain arising out of…

Q: egal fees paid in connection with the purchase of property are subtracted from the buyer's basis in…

A: False

Q: Why is property and equipment not reported on the balance sheet at fair value?

A: A financial statement called a balance sheet lists an organization's assets, liabilities, and…

Q: The following information is used to determine retirement payouts to its employees. Calculate the…

A: Annual benefit refers to the amount of money an individual receives on an annual basis from a…